Post navigation

This coming Friday, 1st March, I shall be addressing the OECD on the need to re-think the Euro Crisis, Asia’s angst and America’s conundrum. My argument will be that markets cannot be trusted to correct the global imbalances underpinning our collective woes. Political action is needed at a global scale.

Correction: In the original post, I mistakenly implied that the event would be open to the public. But I just been informed that the event is already overbooked and, thus, it will not be possible to attend if not already granted a pass. Apologies.

I guess if EU is the proof that socialism never works then it may aswell be a proof that Democracy doesnt work either.
Mind you we neither have Democracy nor Socialism.
Thats as idiotic as saying communism doesnt work because look what happens in NK.

Shame I won’t be there.
It’s great to see you becoming more and more relevant though, Yanis!
Economists take their craft way too seriously, someone should be injecting a healthy dose of scepticism and unorthodox thinking.

In a fleeting time, Professor Varoufakis’s “German hegemon” is found inadequate to solve the European crisis. Now it has to be replaced by the Global hegemon, configured in the super states of the USA, the EU, China and Japan, and activated in a political action that will revivify the Rooseveltian New Deal on a global scale. (Here, I’m anticipating.) This is rear guard action on the part of Professor Varoufakis, since the avant guard action of his Modest Proposal failed to persuade the economics cognoscenti and European leaders to adopt it as a remedy to the EU crisis.

The caption “There is no such thing as a debt crisis” has the flair of a Maddison Avenue advertisement to attract the crowd to browse a flashy product, like Varoufakis’s lecture similarly in the Greek Community Centre few months ago, than any economic substance. But even as a unique proposal it has its pit falls. To claim that the faucet of international lending has all of a sudden stopped for any other reason than the loss of credibility that debtors will no longer be able to pay their debts, is senescent economics in an advanced state. To chase vaingloriously, as Professor Varoufakis does in all his intellectual efforts, uniqueness, is a very precarious venture. But it seems that Varoufakis’s Narcissistic temperament will once again tempt him to look into the lake of uniqueness and…